A new savings rate has leapt to the top of the tables, beating the previous best buy rate of 5.70 percent. A similar jump would see savers getting six percent a year. It could happen in days, says Anna Bowes, co-founder of savings rate tracking service Savings Champion, who has been left reeling as one top rate replaces another.

Savings rates are already at their highest in more than 15 years, and they're going to climb higher still as so-called “challenger” banks fight to be top dog.

Last week, the savings market broke new ground with the launch of a one-year fixed rate paying 5.70 percent.

There have been so many changes to the best buy tables that it’s been hard to keep up, Bowes added.

“Since then, Close Brothers, OakNorth, Oxbury, United Trust Bank, Allica, Charter Savings Bank, Atom, Investec and SmartSave have jostled for the remaining spots.”

Eventually, SmartSave had enough of playing second fiddle and launched a one-year fixed rate at 5.71 percent, Bowes said.

New market-leading accounts are being unleased several times a day, Bowes said. “I can’t remember this happening before, certainly not in Savings Champion’s history.”

Now Recognise Bank has raised the stakes again by paying a fixed rate of 5.85 percent a year over a longer term of three years.

As with all the best buys, this account can only be opened online, although it can be managed by telephone or post thereafter.

The minimum opening amount is £1,000 while the maximum investment is £85,000, in line with the depositor protection limit run by the government-backed Financial Services Compensation Scheme. 

While Recognise Bank may be an unfamiliar name, like so many challenger banks, the FSCS gives depositors the same protection as if they were banking with Barclays, HSBC, Lloyds or NatWest.

The difference is that smaller banks offer a decent return, while the big high street banks all too often have rotten rates.

Bowes said Recognise is unlikely to lead the savings rates market for long. “SmartSave and Investec are also jostling for top spot and will be tempted to take on Recognise.”

As battle commences, victory will go to the first bank that's pay six percent.

As with nearly all fixed-rate bonds, there is no early access or withdrawals, so you must be prepared to keep your money tied up for the full three-year term.

For those who cannot commit their money for such a lengthy period, OakNorth Bank leads the one year bond table paying 5.78 percent, followed by Allica Bank with 5.76 percent and United Trust Bank’s 5.75 percent rate.

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